AST holds Frasers Tower, the 38-storey premium Grade A office development located on Cecil Street and has a three-story adjacent retail podium. It has a total NLA of about 685,000 sf, of which around 93% is leased as at March 31.
Under the ROFR agreement entered into on June 30, 2009, between FPL and British and Malayan Trustees Limited, the trustee of FCOT, FPL has to give notice to FCOT should it decide to sell the property.
In response, FCOT’s manager says it has considered the opportunity and believes the proposed investment and terms, including the transaction amount, would not be accretive to its distribution per unit.
The 50% stake sale of Frasers Tower is expected to raise some $442.7 million, based on half of AST's adjusted NAV immediately after the closing of the proposed transaction.
As at 3.17pm, units in FCOT were trading at $1.67, down one cent.
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